VESTIS GROUP BROKERS OFF-MARKET MULTIFAMILY SALE IN PHOENIX FOR $1.9M

(Phoenix – May 2, 2017) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 27th Street South Apartments, a 12-unit apartment community located at 4207 North 27th Street, in the Biltmore-area of East Phoenix for $1,900,000 or $158,333 per unit.

“The Buyer approached us through their broker after the sales of MODE @ 38th Street for $2.5 million and Trinity 38 Apartments for $2.6 million and asked if we would consider selling any other MODE properties off-market as they were looking for an upleg property to complete a 1031 exchange,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “They ultimately offered on MODE @ 27th Street South because they liked the courtyard feel of the property and its proximity to the Camelback Corridor, Biltmore and Arcadia neighborhood restaurants and entertainment.”

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, MODE Apartments+Homes from Phoenix, Arizona. The buyer, a private investor from Santa Rosa, California, was represented by Victoria Miachika of Arizona Investment & Management, LLC in Scottsdale, Arizona.

Vestis Group is a leading Multifamily Investment sales and Advisory Services firm with a proven track-record of providing value added brokerage services coupled with innovative and ongoing real estate investment strategies.

Our mission is to ensure that owners and investors receive the most efficient research, marketing, real estate consultation and transaction services available. We pride ourselves on our ability to deliver added value to our clients by building uncompromising and long-lasting relationships with our partners.